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About Bitfire
Bitfire Group (01611.HK) is a Hong Kong-listed digital asset financial services group whose subsidiaries hold SFC Type 1, 4 and 9 licences and a TCSP trust licence, operating through two arms: Bitfire Premium, which runs discretionary accounts for high-net-worth and institutional clients, and BitTrade, a licensed spot exchange in Japan. It addresses the account gap institutions meet when entering digital assets, where trading, financing, custody, clearing and reporting sit with different counterparties whose duties are hard to reconcile; Bitfire frames discretionary management as a regulated account in which the licensed entity takes investment and safekeeping responsibility, clients sign as professional investors, and underlying assets are segregated with a compliant custodian.
In the licensed landscape of Asia-Pacific it divides work with bank custodians and independent custodians: banks provide safekeeping and fiat rails, Bitfire handles portfolio management and execution, and the Japanese exchange adds a local regulated venue. In October 2026 it received Euromoney's Asia-Pacific digital prime brokerage award and reported clients rising from about 260 a year earlier to 1,058. Clients are limited to professional investors, and the business spans Hong Kong and Japan.
Sinohope / Bitfire Group Holdings (1611.HK, formerly Sinohope Technology Holdings) - latest report: interim report for the six months ended March 31, 2026: revenue of HKD 1,965.72 million and net loss attributable to owners of HKD 244.94 million; EPS of HKD -0.33 (basic loss per share 32.56 HK cents), operating loss of HKD 244.9 million, gross margin 1.4%, operating cash flow of HKD 53.30 million, total assets of HKD 965 million, digital asset holdings: holds crypto assets of HKD 412 million and crypto investments of HKD 79.55 million (total about HKD 492 million), active users: BitTrade registered users 288,214 (private-banking custody accounts 305, OTC clients 31). The business covers crypto-asset trading (OTC and the licensed Japanese exchange BitTrade), asset management (four funds holding virtual assets and quantitative arbitrage) and trust/custody and investment banking. Revenue fell 43.1% year over year to HKD 1,965.72 million and the net loss widened to HKD 244.94 million, mainly due to crypto-asset fair-value losses and higher administrative and R&D expenses. Chairman Li Lin said the group will continue to expand institutional-grade digital-asset solutions and enhance compliant asset-management capability through acquisitions and talent recruitment. Key risks are digital-asset price and fair-value volatility, trading and asset-management volumes sensitive to market sentiment, regulatory change and acquisition integration.
In 2026 Bitfire Group Holdings (01611.HK) delivered an interim set built on replacing revenue and deferring profit. For the six months to 31 March it reported revenue of HK$1.966 billion, down 43.1%, gross profit of HK$26.58 million, up 141.8%, and a net loss attributable to shareholders of HK$245 million. Of that loss HK$152 million was a fair-value hit on its own crypto holdings that involved no cash outflow; what showed real intent was R&D spending up 139.8% and administrative costs up 210.3%, with licences, systems and people booked up front. Low-margin matching shrank; asset management and custody started to scale.
Operating metrics are already ahead of profit. Private-banking-grade custody accounts rose from 37 to 305, institutional accounts from 12 to 118 and the prospective pipeline from 106 to 668; OTC clients went from 8 to 31; assets under management rose from $145.6 million to $156.1 million, Bitfire Asset Management runs four funds and its quant line grew clients 12.9% month on month; the licensed Japanese exchange BitTrade reached 288,214 registered users and 188,006 KYC'd accounts, with custodied assets falling far less than bitcoin's market value over the same period. In April the group folded roughly 20 research, trading and risk staff from Avenir, the family office of Huobi founder Leon Li, together with the AvenirX trading system, into its licensed framework, then launched Alpha BTC, Hong Kong's first bitcoin-standard regulated asset-management product. With a TCSP trust licence plus US, Canadian MSB and dual Japanese licences, it is the only listed company in Hong Kong holding SFC types 1, 4 and 9 alongside a trust licence, and the first licensed institution approved for discretionary virtual-asset account management.
Bitfire's Future strategy and roadmap: the logic is to use licences as the moat, private-banking service to lift revenue per client, Avenir's absolute-return strategies to fill the product shelf, and to convert revenue from matching fees into management and performance fees. The risk is timing: AUM and client counts lead, fee recognition lags, and if growth slows next fiscal year the upfront spending hits the loss line first; and as long as the proprietary crypto book stays on balance sheet, every drawdown writes off part of the pivot.
Xiaoqi Weng — Executive Director & CEO since August 2025; previously Group COO of HashKey Digital Asset Group and CEO of HashKey Exchange, and CEO of Huobi Global; MSc in Software Engineering from Tsinghua University.
Lin Li (Leon Li) — Non-executive Director & Chairman; founder of Huobi Group.
Jun Du — Non-executive Director; co-founder of Huobi Group, CEO of the company from November 2022 to August 2025, and co-founder and managing partner of ABCDE Capital.
Li Zhang — Executive Director & CFO;
Yue Xing — COO;
Wenbin Guo — CTO.